SAN FRANCISCO - California's nonpartisan Legislative Analyst's Office released a report Friday on Gov. Jerry Brown's May Revise budget, calling the governor's economic and revenue forecast reasonable but questioning how much the state will reap from the end of redevelopment.

WASHINGTON - The Governmental Accounting Standards Board released a guide last week designed to help taxpayers and others glean useful information from school districts' financial statements.

DALLAS - Austin risks a downgrade on its electric utility bonds if it fails to raise rates high enough, its financial advisor told the City Council last week.

NEW YORK - The tax-exempt market was quiet Friday as traders said they felt fatigued by record low yields these past few weeks and activity in general had started to stall.

BRADENTON, Fla. - Morgan Stanley plans to open its first public finance office in Atlanta to expand in the Southeast as growth resumes and infrastructure needs ramp up.

CHICAGO - Nearly half of nonprofit hospitals expect capital spending to rise over the next five years, driven primarily by a need to invest in information technology, according to a new survey from Fitch Ratings.

The National Association of Bond Lawyers and the American Bar Association tax-exempt financing committee are urging the Treasury Department and the Internal Revenue Service to develop guidance on the definition of issue price for tax-exempt bonds, Build America Bonds and other direct-pay tax credit bonds.

Embattled 38 Studios LLC, the video-game company owned by Boston Red Sox pitcher Curt Schilling, made its past-due $1.125 million payment to Rhode Island on Friday, Gov, Lincoln Chafee announced.

DALLAS - Oklahoma Gov. Mary Fallin and Republican leaders in the Legislature have agreed on income tax cuts that would reduce state revenue by almost $33 million next year and more than $100 million in fiscal 2014.

NEW YORK - The tax-exempt market was quiet Friday afternoon as traders shut down shop for the week. Most traders said that with yields so low, activity shuts down.

Standard & Poor's Ratings Services revised the outlook on its 'BBB+' rating on Westminster, Md.'s series 2002 and 2006 revenue bonds, issued for McDaniel College, to negative from stable. The outlook revision reflects Standard & Poor's assessment of the college's enrollment declines, operating deficits on a full-accrual basis, weakening demand profile, and resultant pressure on net tuition revenue. ...

Moody's Investors Service has downgraded Josephine County, Oregon's Full Faith and Credit (limited tax) rating to A2 from A1 in conjunction with the sale of its Limited Tax Pension Obligation Revenue Refunding Bonds, Series 2012 (Federally Taxable), expected to be issued in the amount of approximately $8.2 million. Moody's also downgrades the county's issuer rating to A1 from Aa3; the county's ratings carry a negative outlook. The current offering is secured by the full faith...

The tax-exempt market was quiet Friday morning as most traders closed up shop for the week. No new deals in the primary market and a calm secondary failed to provide direction for munis either way.

Municipal bond mutual funds again posted solid inflows in a week of modest new issuance that saw a backup in yields.

38 Studios LLC, the embattled video-game company founded by former Boston Red Sox pitcher Curt Schilling, was on the verge of making its past-due $1.1 million payment to the Rhode Island Economic Development Corp., Gov. Lincoln Chafee's office said late Thursday afternoon.

Gov. Dannel Malloy and Comptroller Kevin Lembo on Thursday announced a reduction of roughly $13.3 billion in Connecticut's future unfunded state employee and retiree health care liabilities, according to a finalized actuarial report.

NEW YORK - The tax-exempt market ended on a stronger note Thursday after a relatively sleepy week.

The Bond Buyer's 20-Bond GO Index of 20-year general obligation yields increased four basis points this week, to 3.75%. But it remained below its 3.81% level from two weeks ago.

Fitch Ratings said it has downgraded the rating of the $37.1 million Oklahoma Development Finance Authority series 2007 bonds issued on behalf of Great Plains Regional Medical Center (GPRMC) to BBB-minus from BBB.

The first inflows into tax-exempt money market funds in nearly a month were gone almost as quickly as they arrived when $2.17 billion exited in the week ended May 14, eroding much of last week's gains, according to the Money Fund Report, a service of iMoneyNet.com.